HomeMy WebLinkAboutItem 06.oSeptember 16, 2019 Item No.________
RESOLUTION AMENDING THE 2019 BUDGETS AND AUTHORIZING TRANSFERS
Proposed Action
Staff recommends adoption of the following motion: Move to approve a resolution amending the
2019 budgets and authorizing transfers.
Overview
The City’s preliminary tax levy, budget and draft 2020-2024 Capital Improvement Program are
predicated on recommended changes regarding certain funding sources as discussed at the
August 26 council workshop.
General Fund
Staff recommended that an additional $400,000 be transferred from the General Fund to the
Equipment Fund in 2019 to eliminate the need for issuing equipment certificates in 2020.
Staff also recommended that $155,000 be transferred from the General Fund to the newly created
Technology Fund to establish a fund balance for the 2020 technology acquisitions. Technology
purchases were previously accounted for in the Equipment Fund.
Primary Issues to Consider
• N/A
Supporting Information
• Resolution
Financial Impact: $ Budgeted: Y☐ N☐ Source:
Related Documents: (CIP, ERP, etc.):
Envision Lakeville Community Values: Good Value for Public Services
Report Completed by: Jerilyn Erickson, Finance Director
555,000 General Fund
2019 Budget
CITY OF LAKEVILLE
RESOLUTION NO. ________
RESOLUTION AMENDING THE 2019 BUDGETS AND AUTHORIZING TRANSFERS
WHEREAS, the 2019 budgets were adopted on December 3, 2018; and
WHEREAS, The City Council discussed utilizing $400,000 of 2019 General Fund reserves to
fund capital equipment purchases associated with the 2020-2029 Capital Improvement Program;
and
WHEREAS, The City Council discussed utilizing $155,000 of 2019 General Fund reserves to
fund technology equipment purchases associated with the 2020-2029 Capital Improvement
Program.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Lakeville,
Minnesota as follows:
1. The recitals set forth above are incorporated herein.
2. The 2019 General Fund budget is amended in the amount of $400,000 for transferring funds
to the Equipment Fund.
3. The 2019 General Fund budget is amended in the amount of $155,000 for transferring funds
to the Technology Fund.
ADOPTED by the Lakeville City Council this 16th day of September 2019
CITY OF LAKEVILLE
___________________________
Douglas P. Anderson, Mayor
ATTEST:
_____________________________
Charlene Friedges, City Clerk